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532388

IOB

NOTLISTED

INE565A01014

INDIAN OVERSEAS BANK

Banking Format

Equity

2022-04-01

2022-03-31

2022-11-05

2022-10-29

INR

Lakhs

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2022-11-05

15:30:00

2022-11-05

21:15:00

true

Cash Flow Indirect

Not applicable

2022-07-01

2022-09-30

Unaudited

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1 The above Financial Results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors in their meeting held on 05.11.2022. The results have been subjected to limited review by the Statutory Central Auditors of the Bank in line with the guidelines issued by the Reserve Bank of India and as per the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2 The financial results for the quarter and half year ended September 30, 2022, as reported above, have been drawn from the financial statements prepared in accordance with Accounting Standard (AS-25) on "Interim Financial Reporting" and have been prepared following the same accounting policies and practices as those followed in the annual financial statements for the year ended March 31, 2022. 3 The Consolidated Financial Statements (CFS) are prepared in accordance with Accounting Standard 21 (AS 21) on “Accounting for Consolidated Financial Statements”, Accounting Standard 23 (AS 23) on “Accounting for Investment in Associates” and Accounting Standard 27 (AS 27) on “Financial Reporting of Interests in Joint Venture” issued by The Institute of Chartered Accountants of India and the guidelines issued by RBI. 4 The above financial results for the quarter ended September 30, 2022 have been arrived at after considering Provision for Loan Losses, Restructured Assets, Standard Assets, Non-Performing Assets (including Covid 19 related Provisions), Stressed Sector Accounts, Income Tax, Depreciation on Investments And Fixed Assets, Non Performing Investments, Derivative Exposures and other necessary Provisions on the basis of Prudential Norms and Directions issued by RBI, Judicial Pronouncements and applicable Accounting Standards issued by ICAI and applicable laws. Provision for Employee Benefits pertaining to Pension, Gratuity and Leave Encashment have been made on the basis of interim actuarial valuation. 5 The Consolidated Financial Statements (CFS) comprises the Financial Statements of Indian Overseas Bank (the Bank) and the following Associate and Joint Ventures of the Bank: S No Name of the Company Type of Incorporation Country of incorporation Percentage of ownership interest 1 Odisha Gramya Bank Associate India 35% 2 India International Bank (Malaysia) Berhad (as on 30.6.22) Joint Venture Malaysia 35% The Bank is holding 18.06% in Universal Sompo General Insurance Company Ltd. Since the shareholding in the company is less than 25%, the same has not been considered as Joint Venture for preparation of Consolidated Financial Statements as per extant RBI guidelines. 6 i. The consolidated financial statements include the interest in JV which has been accounted in proportionate consolidation method as per AS 27 (Financial Reporting of Interest in JV). Accordingly, the share of excess of net asset over the carrying cost of investment of Rs. 13.50 crores in JV representing FCTR is reported under reserves and surplus, this represents the translation difference. ii. In respect of investment in Associate, which has been accounted under equity method as per AS 23 (Accounting for investment in Associates), the carrying amount of investment in equity shares of Rs. 575.37 crores is adjusted against IOB’s share of net assets of Rs. 164.72 crores and the balance of Rs. 410.65 crores is adjusted against balance in Reserves and Surplus to recognize the decline in the value. iii. The amount of IOB’s share in contingent liability has been removed since it is not the liability of IOB. 7 In accordance with SEBI Regulations, for the purpose of consolidated financial results for quarter / half year ended September 30, 2022, minimum eighty percent (80%) of each of consolidated assets have been subjected to review. 8 As per RBI letter No DBR.No.BP.15199/21.04.048/2016-17 and DBR.No.BP.1906/21.04.048/2017-18 dated June 23, 2017 and August 28, 2017 respectively, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), 2016, the Bank is holding a total provision of Rs. 18,306.34 crores *(98.26 % of total outstanding of IBC accounts of Rs. 18,629.59 Crores) as on September 30, 2022. (*Gross NPA Advances). 9 As per RBI Circular DOR.AUT.REC.12/22.01.001/2022-23 dated April 7, 2022, for the purpose of disclosure under Accounting Standard 17, Segment Reporting, “Digital Banking” has been identified as a Sub-segment under Retail Banking by Reserve Bank of India (RBI). However, as the proposed Digital Banking Unit (DBU) of the Bank has not yet commenced operations and having regard to the discussions of the DBU Working Group formed by Indian Bank’s Association (IBA) (which included representatives of Banks and RBI), held on July 14, 2022, the reporting of the Digital Banking as a separate sub-segment of Retail Banking Segment will be implemented by the Bank based on the decision of the DBU Working Group. 10 In line with RBI circular DBR. No.BP.BC1/21.06.201/2015-16 dated July 1,2015 on ‘Basel III Capital Adequacy’ read together with the RBI Circular DBR. No.BP. BC.80/21.06.201/2014-15 dated 31.03.2015 on ‘Prudential Guidelines on Capital Adequacy and Liquidity Standard Amendments’, regarding Pillar 3 disclosures including Leverage Ratio and Liquidity Coverage Ratio under Basel III framework, the said disclosures are made available in Bank website http://www.iob.in/investor_cell.aspx. These disclosures have not been subjected to review by the Statutory Central Auditors of the Bank. 11 Based on the available financial statements and the declaration from borrowers, the Bank has estimated the liability towards Unhedged Foreign Currency Exposure to their constituents in terms of RBI circulars DBOD.NO.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and DBOD.NO. BP. BC. 116/21.06.200/2013-14 dated September 3, 2014 and holds Rs. 12.95 crores provision as on September 30, 2022. 12 In the opinion of Management, COVID-19 Pandemic has adversely impacted the economic activity across the globe including the Indian economy for more than two years. Bank has made necessary provisions for all Covid related restructuring of loans. Further, the Bank is continuously monitoring the situation and taking all possible measures to restrain any future uncertainty. The Bank expect that it will not have any material impact on operations. 13 The Bank has evaluated the options available under Section 115BAA of Income Tax Act, 1961 and opted to continue to recognize the taxes on income for the quarter ended September 30, 2022 under the old regime of the Income Tax Act, 1961. 14 The Bank has recognized Net Deferred Tax Assets upto 31st March 2022 aggregating to Rs. 6,262.28 crores, on timing differences in accordance with Accounting Standard - 22 on "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India. No incremental Deferred Tax Asset / Liability is recognized for the quarter ended September 30, 2022 under review. 15 In respect of various Direct Tax and Indirect Tax litigations pending before Appellate Authorities, taking into consideration certain judicial rulings and expert advice from independent tax consultants, the Bank is of the view that there is a fair chance of succeeding in the appeals filed with the appellate authorities and accordingly no provision has been made in respect of disputed income tax liability of Rs. 9190.52 crores and Indirect Tax liability of Rs. 207.36 crores which are disclosed as contingent liability. 16 The position of Investors' Complaints for the period from July 1, 2022 to September 30, 2022 is as under: Pending complaints at the beginning of the Quarter Nil Complaints received during the Quarter 1 Complaints redressed during the Quarter 1 Closing balance at the end of the Quarter Nil 17 Provision Coverage Ratio of the Bank as on September 30, 2022 stood at 90.94% 18 As per RBI circular No. RBI/2015-16/376 DBR.No.BP.BC.92/21.04.048/2015-16 dated April 18, 2016, the Bank has option to defer the provision in respect of fraud over the period of four quarters. However, the Bank has opted to provide full provision for the liability towards frauds during the period ended September 30, 2022, instead of spilling over a period of four quarters. During the quarter ended September 30, 2022, the Bank has reported 54 fraud cases involving Rs. 539.32 crores for which it is holding 100% provision. 19 The Bank has an exposure of Rs.754.26 crores pertaining to one borrower account, following the order of Honorable Delhi High Court order dated 4th August 2022. The Bank has not downgraded this account as NPA following IRAC norms and maintained the Status quo as Standard Assets until further orders. 20 In terms of RBI Circular DBR No. BP.BC.45/21.04.048/2018-19 dated 07.06.2019 on Prudential framework for Resolution of Stressed Assets, the bank is holding additional provision of Rs. 186.21 Crores as on September 30,2022 in 10 (Ten) accounts as detailed below- (Rs. Crores) Amount of loans impacted by RBI Circular (FB+NFB) Amount of loans to be classified as NPA Amount of Loans as on 30.09.2022, out of (b) classified as NPA Provision Held as on 30.06.2022 Addl. Provision made during quarter ended 30.09.2022 Provision held as on 30.09.2022 (a) (b) (c) (d) (e) (f) 1,680.99 1,680.99 1,680.99 169.89 16.32 186.21 21 Other Income includes income (including commission) from Non-fund-based banking activities, fees, earning from foreign exchange, profit/loss on sale of assets, profit/loss (including revaluation) from investments, dividends from subsidiaries, recoveries from accounts written off etc. 22 Details of resolution plan implemented under the RBI Resolution Framework for COVID-19 related stressed assets as per RBI circular dated August 6,2020 (Resolution Framework 1.0) and May 5, 2021 (Resolution Framework 2.0) as on September 30, 2022 are as under: (Amt in Crore) Type of the Borrower Exposure to accounts classified as Standard consequent to implementation of resolution plan – Position as at the end of Previous Half Year (A) Of (A), aggregate debt that slipped into NPA during the half year Of (A) amount written off during the half year Of (A) amount paid by the borrowers during the half year Exposure to accounts classified as Standard consequent to implementation of resolution plan – position as at the end of this Half Year Personal Loan 2,454.38 205.64 - 94.01 2,154.74 Corporate Persons* 608.67 117.07 - 73.22 418.37 MSMEs 2,461.17 129.72 - 268.23 2,322.66 Others 364.76 25.93 - 23.45 315.38 Total 5,888.98 478.36 - 458.91 *As defined in Section 3(7) of the Insolvency and Bankruptcy Code, 2016 23 Details of Priority Sector Lending Certificate (PSLC) purchased and sold are as under: (Rs. In crores) Particulars No. of Units Premium Received Amount Received PSLC (SF/MF & General) Purchased- NIL NIL NIL During Quarter 2 NIL NIL NIL Cumulative FY 2022-23 NIL NIL NIL PSLC – (SF/MF & General)- Sold NIL NIL NIL During Quarter 2 NIL NIL NIL Cumulative F Y 2022-23 NIL NIL NIL 24 The additional liability on account of enhancement in family pension on account of Government guidelines, amounts to Rs. 425.86 crores, as per actuarial valuation. As per RBI circular RBI/2021- 22/105/DOR.ACC.REC.57/21.04.018/2021-22 dated 04.10.2021, banks are permitted to amortise the total liabilities over a period of five years. The Bank has opted for the said provision and has charged the minimum required amount of Rs. 21.29 crores for the quarter ended 30th September,2022. The balance unamortized expense of Rs. 298.10 crores has been carried forward. 25 In accordance with the RBI circular NoDBR.No.BP.BC.18/21.04.048/2018-19 dated 01.01.2019, DOR.No.BP.BC.34/21.04.048/2019-20 dated 11.02.2020 and DOR.No.BP.BC/4/21.04.048/2020-21 dated 06.08.2020, on “Relief for MSME borrowers, either exempted or registered under Goods and Service Tax (GST)”, the details of MSME restructured accounts are as under: No. of Accounts Aggregate exposure as on 30th September.2022 (Rs. in Crores) 6,909 398.68 26 In accordance with RBI Circular No. DOR.STR.REC.51/21.04.048/2021-22 dated September 24, 2021 the details of loans transferred / acquired during quarter ended September 30, 2022 are given below. I. Details of loans not in default acquired: Particulars Corporate Agri Retail MSME Mode of Acquisition Direct Assignment Direct Assignment Direct Assignment Direct Assignment Aggregate Principal outstanding of loans acquired (Rs. in Crores) Nil Nil Nil 50.08 Weighted Average Residual Maturity (in years) Nil Nil Nil 12.08 Weighted Average Holding period by originator (in years) Nil Nil Nil 0.58 Tangible Security Coverage (%) Nil Nil Nil 214.45 Rating wise distribution of loans acquired by value Nil Nil Nil Nil II. Details of loans not in Default transferred: NIL III. Details of Stressed Loan transferred (Rs. in Crores) Details of Stress Loans (NPA Accounts) transferred during the period of 01.07.2022 to September 30, 2022 Particular To ARCs To permitted transferees To other transferees No. of Accounts 4 NPA accounts & a portfolio of 256 MSME NPA accounts NIL Nil Aggregate principal outstanding loans transferred 265.57 Nil Nil Weighted average residual tenor of the loans transferred 5 years Nil Nil Net book value of loans transferred (at the time of transfer) 0 Nil Nil Aggregate Consideration 140.32 Nil Nil Additional consideration realized in respect of accounts transferred in earlier years. 0 Nil IV. Details of loans acquired during the year: Particulars From SCBs, RRBs, UCBs, StCBs, DCCBs, AIFIs, SFBs and NBFCs including Housing Finance Companies (HFCs) From ARCs Aggregate principal outstanding of loans acquired Nil Nil Aggregate consideration paid Nil Nil Weighted average residual tenor of loans acquired Nil Nil The Bank has reversed the amount of Rs. 108.55 crores of excess provision to the profit and loss account on account of sale of stressed loans. V. The distribution of Security Receipts (SRs) held by the Bank across the various categories of Recovery Ratings assigned to such SRs by the Credit Rating Agencies as on September 30, 2022 is given as under: (Rs. in crores) Recovery Rating Book Value RR1+ (More than 150%) 0.00 RR1 (100% - 150%) 220.55 RR2 (75% - 100%) 56.32 RR3 (50% - 75%) 84.15 RR4 (25% - 50%) 16.96 RR5 (0% - 25%) 40.41 RR6 0.00 SRs- Rating Exempted during planning period 0.00 SRs- Unrated 106.31 TOTAL 524.70 27 Previous period / year figures have been regrouped /restated/ reclassified wherever necessary.

2022-04-01

2022-09-30

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